About Boundary
Boundary is a venture capital firm founded in 2016. It is primarily based out of Luxembourg. As of Feb 2023, Boundary has invested in 36 companies. It primarily invests in Seed round in India based startups. Its investments are spread across a wide range of sectors from High Tech to Enterprise Applications and Food and Agriculture Tech. Most recently it participated in the $***** Seed round of Skilancer Solar Overall, Boundary portfolio has seen 3 IPOs and 4 acquisitions including key companies like Northvolt, Volex and Orgenesis. A lot of funds co-invest with Boundary, with names like Yongfah Capital sharing a substantial percentage of its portfolio. Boundary has team of 19 people including 3 partners.Key Metrics
Team Members
Portfolio Sectors
Portfolio Locations
Rounds of Entry
Seed, Series A & 1 more
Portfolio Soonicorns
Boundary's List of Top Investments
Boundary has a portfolio of 36 companies. Their most notable investments are in KONUX and Withthegrid.Their portfolio spans across India, Switzerland, France and 9 more locations. They have invested in High Tech, Enterprise Applications, Food and Agriculture Tech and 20 other sectors, across stages such as Seed, Series A and 1 more. Here is the list of top investments by Boundary:
1. BYJU'S
Provider of online and offline academic tutoring for school students. This organization delivers educational instruction for primary and secondary grade levels. It offers preparation courses for competitive entrance examinations. The curriculum includes subjects such as mathematics, physics, chemistry, and biology. Instruction is delivered through digital platforms and physical learning centers. The service model incorporates video lessons, interactive assessments, and structured learning paths to facilitate subject mastery.
Key facts about BYJU'S
- Founded Year: 2011
- Location: Bengaluru (India)
- Annual Revenue: ₹1,000+ Cr as on Mar 31, 2022
- Valuation: $*****
- Stage: Series F
- Total Funding till date: $4.6B
- Employee Count: 19,146 as on Jul 31, 2026
- Investors: ADS Ventures, Silver Lake and 130 Others
- Latest Funding Round: Conventional Debt, May 12, 2023, $*****
2. Northvolt
Manufacturer of lithium-ion batteries for electric vehicles. It provides solutions for new production technologies to deliver low-cost lithium-ion batteries to be used in electric and off-highway vehicles. It provides custom cells optimized for a particular application, battery system, and more.
Key facts about Northvolt
- Location: Stockholm (Sweden)
- Annual Revenue: $100M - $500M as on Dec 31, 2022
- Last Known Valuation: $*****
- Stage: Acquired
- Total Funding till date: $9B
- Employee Count: 1,589 as on Jul 31, 2026
- Investors: Goldman Sachs, Bundesministerium fur Wirtschaft und Klimaschutz and 52 Others
- Latest Funding Round: Conventional Debt, Mar 14, 2024, $*****
- Highlight: Acquired
3. Remidio
Developer of AI-powered portable digital solutions for ophthalmic screening and diagnosis. It offers AI based portable retinal imaging devices and ophthalmic tools that help detect eye diseases such as diabetic retinopathy, glaucoma, and age-related macular degeneration (AMD). The devicea are alo integrated with Telehealth and cloud-based platforms for remote review, enabling screenings in diverse settings including primary care, outreach clinics, and rural areas.
Key facts about Remidio
- Founded Year: 2009
- Location: Bengaluru (India)
- Annual Revenue: ₹50 - ₹100 Cr as on Mar 31, 2025
- Valuation: $*****
- Stage: Series B
- Total Funding till date: $25M
- Employee Count: 168 as on Aug 31, 2025
- Investors: IKP Knowledge Park, KITVEN and 32 Others
- Latest Funding Round: Series B, Feb 19, 2023, $*****
- Highlight: Editors' Pick
4. CerbAir
Cerbair develops civilian drone detection system named "DroneWatch" that uses stereovision technologies and advanced algorithms. DroneWatch is able to detect, track and identify any flying threat in real-time and in any environment. Its automatic warning system can identify the violators through real-time alerts and digital evidence collection. Its solution can be used in the defense sector, Government organizations, Office Public areas, Airports etc. The company has been quoted in several media channels such as Le Point, La Tribune, Silicon, La Croix etc. CerbAir is a subsidiary of Technofounders.
Key facts about CerbAir
- Founded Year: 2015
- Location: Orsay (France)
- Annual Revenue: €1M - €10M as on Dec 31, 2019
- Stage: Series A
- Total Funding till date: $7.83M
- Employee Count: 38 as on Jul 31, 2026
- Investors: Angelsquare, Europa and 8 Others
- Latest Funding Round: Grant (prize money), Dec 01, 2021, $*****
- Highlight: Editors' Pick
5. Cysec
Cloud based platform offering data protection solutions. It helps in maintaining the integrity and confidentiality of the data on the cloud. It protects sensitive data, code, and intellectual property with ARCA trusted OS, a hardware based execution environment. The industries served are fintech, space, IoT, and many more.
Key facts about Cysec
- Founded Year: 2018
- Location: Switzerland
- Stage: Series A
- Total Funding till date: $7.64M
- Employee Count: 54 as on Mar 31, 2026
- Investors: Indaco Venture Partners, EIC Fund and 10 Others
- Latest Funding Round: Series A, Oct 27, 2022, $*****
- Highlight: Editors' Pick
Boundary's Year-on-Year Investment Trends
Boundary has invested in 36 companies over the last 9 years, with an average of 2 new investments annually in the last 5 years. Its most recent first time investment was in Skilancer Solar and most recent follow-on round was in XRVision.Year | No. of Investments | ||
|---|---|---|---|
1st Round | Follow-on | Total | |
2026 (YTD) | 0 | 0 | 0 |
2025 | 0 | 0 | 0 |
2024 | 0 | 0 | 0 |
2023 | 1 | 0 | 1 |
2022 | 5 | 1 | 6 |
2021 | 5 | 0 | 5 |
2020 | 3 | 1 | 4 |
2019 | 2 | 0 | 2 |
2018 | 3 | 0 | 3 |
2017 | 1 | 0 | 1 |
Boundary's Investments by Stage
Boundary has made 12 investments in Seed stage with an average round size of $1.03M, 6 investments in Series A stage with an average round size of $5.31M and 2 investments in Series B stage with an average round size of $2.84M.Stage of entry | No. of Investments |
|---|---|
Seed | 12 |
Series A | 6 |
Series B | 2 |
Note: We have considered here, only first round of investments
Boundary's Investments by Sector
Boundary has a diverse portfolio, with companies operating in the High Tech, Aerospace, Maritime and Defense Tech, Enterprise Applications, Environment Tech and Sustainability Tech. Notably, it has invested in 33 Enterprise (B2B) companies, 32 Tech companies, 23 Tech hardware companies and at least 19 companies focusing on Software.Sector | No. of Investments |
|---|---|
High Tech | 14 |
Aerospace, Maritime and Defense Tech | 9 |
Enterprise Applications | 7 |
Environment Tech | 5 |
Sustainability Tech | 5 |
Others | 27 |
Note: We have considered here, only first round of investments
Boundary's Investments by Geography
Boundary has made most investments in India (5), followed by Switzerland where it has made 5 investments.Country | No. of Investments |
|---|---|
India | 5 |
Switzerland | 5 |
France | 3 |
Germany | 2 |
Netherlands | 2 |
Others | 3 |
Note: We have considered here, only first round of investments
Boundary's recent investments
Boundary has not made any investment in 2026 so far.Here are the most recent investments by Boundary:
Filter this listDate | Company | Location | Round Details | Round Amount | Co-Investors |
|---|---|---|---|---|---|
Feb 05, 2023 | India | Seed | 7751 | - | |
Nov 11, 2022 | Singapore | Series A | 3146 | - | |
Oct 25, 2022 | United States | Series A | 2081 | ||
Sep 13, 2022 | Switzerland | Seed | 2870 | - | |
Mar 22, 2022 | India | Series A | 9850 |
IPOs and Publicly Listed companies in Boundary's Portfolio
3 of Boundary's portfolio companies have become public. Astrocast got listed on the OTC Markets (OTCMKTS), in Jul 2022 at marketcap of $38.4M and Orgenesis got listed on the National Association of Securities Dealers Automated Quotations (NASDAQ) at marketcap of undefined.Here are Boundary's portfolio companies that went public:
Company | IPO Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Jul 28, 2022 | - | - | 4594 | |
Jul 28, 2010 | - | - | 1939 | |
Jul 20, 1939 | - | - | 5146 |
Acquired companies in Boundary's Portfolio
4 companies from Boundary's portfolio have been acquired. The most recent acquisition was Northvolt in Apr 2025 by Scania for $*****.Here are Boundary's portfolio companies that got acquired most recently:
Company | Acquisition Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Apr 11, 2025 | - | - | 4405 | |
Mar 04, 2024 | Sep 13, 2022 | Seed | 3491 | |
Mar 07, 2022 | Mar 22, 2022 | Series A | 8136 | |
Dec 13, 2019 | Sep 14, 2018 | Seed | 1920 |
Team profile of Boundary
Boundary has a team of 19 members including 3 Partners, 1 Venture Partner and 3 Principals located in India, United Kingdom and 2 more locations. Boundary's team does not sit on the board of any company as of now.Here is a list of top team members in Boundary:
Name | Designation | Location | Board Memberships | Contact Details |
|---|---|---|---|---|
Partner | Geneva | - | - | |
Partner | - | - | - | |
Partner | - | - | - | |
Venture Partner | London | - | - | |
Principal | Luxembourg | - | - | |
Principal | India | - | - | |
Principal | India | - | - |
Co-investors of Boundary
Over the past 9 years, 133 investors have co-invested in Boundary's portfolio companies. This includes funds and angels.
- Invested before Boundary: Europa, EIC Fund and 80 others have invested in rounds before Boundary. There are 5 companies where Europa has invested before Boundary and 4 companies where EIC Fund has invested before Boundary.
- Top Co-investors of Boundary: 27 investors entered a company along with Boundary. These include investors like Yongfah Capital (1 company).
- Invested after Boundary: A total of 24 investors have invested in Boundary's portfolio after their investments. Top Investors include Sun Pharma (1 company), Aube Management (1 company) and MBDA (1 company).
Recent News related to Boundary
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Singaporean facial recognition firm XRVision gets funding to enter new marketsBiometricUpdate.com•Oct 25, 2022•XRVision, Boundary
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Predictive analytics startup Kido Dynamics raises €1.9MStartupticker•Nov 22, 2021•Kido Dynamics, Spicehaus Partners, B4Motion, Boundary
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Israel’s GPS Security Startup infiniDome Ltd Closes Seed RoundBusiness Wire•Jun 10, 2020•InfiniDome, Boundary, Next Gear Ventures
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SA founded water drone startup Ranmarine Technology lands Series-A investmentVentureburn•May 29, 2020•RanMarine Technology, Boundary
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Boundary Holding Invests in Autonomous Security Technology with InfiniDomeFinSMEs•Jan 06, 2020•InfiniDome, Boundary
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